ICX Technical Analysis: Trendline Sellers Push Back The Bullish Recovery
ICON Network is a layer-one blockchain originating from South Korea. Its stated goal is to create an interoperable blockchain system that bridges the gap between autonomous online communities and real-world businesses. ICON Network focuses on delivering real-world benefits by improving hyperconnectivity via the promotion of transactions that are free of friction.
Let us move ahead to read about Icon technical analysis.
Past Performance of ICX
ICX token price shows a downfall of more than 65% in the last few months, resulting in the formation of a highly influential resistance trendline. It has pushed multiple bearish attempts. The price trends close to the resistance trendline with the recent jump of 30% past week. However, the trendline rejects the price jump resulting in a retracement to the $0.65 horizontal level.
ICX Technical Analysis
The ICX coin price fails to rise above the long-coming resistance trendline despite approaching the $0.90 mark with a 30% jump. Hence, traders can shortly find a selling opportunity as the downfall starts.
The Stochastic RSI indicator shows a parabolic fall in the K and D lines as they give a bearish crossover and fall below the 70% mark. Hence, the indicator reflect high possibility of a downfall below the $0.60 mark.
The DMI indicator shows a bearish crossover in the DI lines with a sharp fall in the ADX line. Therefore, the indicator reflects a bearish trend reversal and a fall in trend momentum.
The crucial Exponential moving averages struggle to maintain a bearish trend as the ICX token prices trades below all of them. Moreover, the dynamic resistance provided by the 50 and 100-day average keeps a check on bullish growth.
In a nutshell, the indicators showcase a highly influential bearish trend in action that may drive the prices below the $0.60 mark.
Upcoming Trend
The ICX coin price fails to overcome the sellers-dominated resistance trendline and reverses back to the $0.60 mark. Moreover, the increased trend momentum shows increased chances of a $0.60 breakout.
Sellers can find an entry opportunity at the breakout of $0.75 and can target the $0.65 and $0.55 mark. On the opposite end, the resistance levels are present at $0.90 and $1 above the resistance trendline.